Introduction:
Life Insurance Corporation is the largest and the most popular life insurance company in India. LIC was set up in 1956 to provide people with necessary insurance solutions, and today it offers its clients life insurance, health insurance, pensions, and investment solutions. LIC has large number of agents and branches all across the country which makes financial protection reliable and easy. Because of its dedication to effective customer satisfaction, financial stability, and unique approaches, it has become a pillar in the Indian insurance sector, securing the futures of numerous people and their families.
What did LIC Do
1. Big Company:
LIC is as massive as money safe; in other words, an individual who invests in LIC is keeping his money in a piggy bank.
2. Life Insurance:
They assist families by providing money when one becomes very sick, or dies, then ‘goes to heaven,’ so that the family can continue buying food and toys.
3. Health Insurance:
If someone has to frequently visit the doctor, then LIC assists in meeting the doctor expenditures.
4. Pension Plans:
After retiring, as everyone cannot work, LIC provides people required amount of money on monthly basis to purchase things.
5. Saving Plans:
LIC also helps people to save small amount to be spent in purchasing the big things like a house or a car in the later stage of life.
6. Many Offices:
They have numerous centres in many parts of the country comprising friendly helpers who can talk and explain to people.
LIC is like the agent, which guarantees that people, families have money when they need it.
LIC Yojnas
1. Jeevan Labh:
This is like putting money in a piggy bank and waiting for a long time before using it. And when you need it, you get even more money back!
2. Jeevan Umang:
Like getting a new toy each birthday, this plan provides you with money each year.
3. New Children's Money Back Plan:
This is like a magic money box that provides you with money at special occasions such as birthdays and school.
4. Pradhan Mantri Vaya Vandana Yojana:
This is for grandmas and grandpas, to give them money every month so that they can purchase items that they require.
5. Jeevan Shanti:
This you learn that you let you save sometime today and gain much more money than the price of the gift you eagerly ripped open.
LIC has various schemes which assist people to save money and get money when they are in need.
Benefits Of LIC
1. Financial Security:
LIC assists the families avail a certain amount of money when some dear one, let’s say parent, is no more. It enables the family to afford part of needs such as school fees, food and clothing for the family members.
2. Savings:
Concerning the kind of LIC policies, they shall help to conserve funds over the years. It is as if one has got a piggy bank that is growing in size while at the same time getting deposits of other money that can be accessed at a later in life for issues like college or even a house.
3. Health Coverage:
LIC offers plans that help to provide for the costs in case a person becomes ill or needs to be taken to a hospital, so that health costs do not become a problematic factor.
4. Retirement Plans:
Under this company known as LIC they have concepts that provides people with money when they are retired. This is rather like saving some money a child earns today for when he or she is a adult and does not earn any more; thus though it has accumulated a certain amount of wealth of its own, it dispenses with earnings.
5. Education Plans:
The objective of the Kerala state has thus been achieved even though the LIC has special saving schemes for exclusively for education. This assists in putting aside adequate money to address the school and college fees at a right time.
6. Investment Opportunities:
LIC plans are those that can help in fruitful investment of money and in turn, yield more money than was invested.
7. Tax Benefits:
Another weakness is that LIC policies have tax benefits this implies that there is a relieve of the amount of taxes paid. LIC is like an insurance which act as a backup plan for the family and thus the family is never caught unprepared on cases of financially demanding events in life.